Currently I'm just investigating which library would be the best to start development. Scrypt-enabled libraries allow fast start, but they won't guarantee security updates. If such a huge effort will be put into this, I want to be sure that it will be secure and closely following bitcoinj updates even 1-2 years later.

I haven't yet committed to the issue, just intentions and checking feasibility. If I do start the project, I would probably create a fork on github, and have all my changes committed there, and will announce it after it reaches some point (such as ability to sync with first 20 days of mintcoin)